How my mom was almost scammed like this woman who lost her life savings

Financial Advisors Say The Darndest Things

In this episode, A.B. Ridgeway discusses the story of an elderly woman who lost her life savings in an online scam. He shares insights on how these scams unfold, why financial institutions have limited abilities to intervene, and how individuals can protect their families by using tools like trusted contacts.

Key Takeaways:

1. Be Aware of Scam Tactics: Scammers often use fear, isolation, and secrecy to manipulate their victims. Understanding these tactics can help families recognize and prevent scams before they lead to financial loss.
2. Establish a Trusted Contact: Setting up a trusted contact on financial accounts allows banks to notify a family member if unusual transactions are detected, providing an extra layer of protection without giving direct account access.
3. Banks’ Limited Power to Intervene: Although banks strive to protect customers, they face challenges in stopping transactions when clients insist on moving their own money. This episode clarifies the delicate balance banks must maintain between protecting assets and respecting clients' autonomy.

Memorable Quotes:

• "Brothers and sisters, this doesn’t just happen to other people. It can happen to us, too."
• "The three steps we talk about… temptation, isolation, and then the violation. Watch out for these three red flags."
• "Always have your financial five: your financial advisor, lawyer, tax accountant, power of attorney, and executor."

This episode serves as a reminder to remain vigilant and proactive in protecting personal and family finances against online scams.

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

video/audio credit: CBS

#money #retirement #scams